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SBA Announces Top Lenders
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Business New Haven
10/27/2003
By: BNH
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HARTFORD - For the fourth year running, the U.S. Small Business Administration (SBA) in Connecticut guaranteed more than 1,000 loans to small businesses throughout the state, totaling in excess of $164 million. This year's 1,263 loans represent a 24-percent increase over the previous year.
At the lenders meeting held on October 9 in Hartford, the SBA recognized its lenders and highlighted several for their contributions in designated lending areas. Ninety-seven lending institutions participated in bringing SBA's flagship 7(a) program (broad-purpose commercial loan) and its 504 program (fixed asset acquisition) to the business community.
Leading in numbers of loans was Citizens Bank, with 354 approvals totaling $12.3 million. Rhode Island-based Citizens was also recently awarded the National Export Lender Award, given annually to SBA lenders that have provided significant financing in the SBA Export Working Capital and Export Express loan programs.
CIT Small Business Lending led in dollar amount loaned, with $19 million.
The top five lenders were Citizens Bank, Fleet National Bank, Webster Bank, Cornerstone Business Credit and CIT Small Business Lending Corp.
Lenders were also recognized for contributions to targeted markets or their increase in SBA activity.
"This annual meeting is one of our few opportunities to publicly thank our partners for their tremendous support of the SBA and Connecticut business community," said Connecticut District Director Marie Record. "Our lending partners stepped forward in the face of new challenges, which resulted in our highest volume lending ever and continued to ensure small businesses had access to the financing needed to grow and prosper."
"The Small Business Administration has become a significant contributor to the New England economy by providing record amounts of capital to the region's small businesses," added SBA Regional Administrator Jeffrey Butland, who manages the six-state region from an office in Boston.
"Regionally, the six New England states approved 7,480 loans to small businesses, totaling $754 million this fiscal year 2003," which ended September 30, said Butland. "Our success has allowed the region to maintain a favorable climate for small business growth and development."
In addition to loan programs, the SBA and its partners provide counseling and training at locations throughout Connecticut. Collectively, some 21,000 established or prospective entrepreneurs received counseling and training from the Service Corps of Retired Executives (SCORE), the Connecticut Small Business Development Center (CSBDC), the Women's Business Centers and the SBA Business Information Center or through conferences hosted by the SBA in conjunction with business, education and community groups,
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